I think the new DmC looks great so far and I'm excited about it. Will it replace the original series? Probably. And it's a damn shame, because there are so many plotholes that so many fans wants filled out first. But seriously, guys, the original series was like a swizz cheese with all those plotholes. The story was really shallow and Capcom generally didn't take the original storyline seriously. They jumped back and forth from game to game, because the original series wasn't about the storyline, it was about the stylish action! It was about kicking some butts and have fun! It wasn't a deep game, it was entertainment.
But games today have become artpieces. They have become deep with storylines that can be compared to epic books and movies. And Capcom realized that DMC couldn't compete with that, especially not in the western part of the world. That is why DmC was born. If it was necessary? Yes it was. With the goals Capcom had in mind, it was indeed necessary. The DMC fanbase is a minority, a very loud and clingy minority, but a nminority none the less. And Capcom couldn't keep catering to that minority, because they simply don't have the expenses to do so. Yes, this is also about money. It always is and no one can deny that. Everything in this world costs money and it is an important part of the keeping the gaming industry running. You cannot make a game without money and a game, like every other product, should make some profit to become succesful.
If DmC becomes succesfull, then yeah, a sequal could be underway and yeah, the original series could be put on the shelf forever. But instead of becoming begrudged fans, enjoy and remember Devil May Cry for what it once was. Everything has to come to an end at some point, but instead of hating on the replacements, be remniscent of the good things the original series brought. I for one embrace changes and embrace the new things that DmC brings along, but that does not mean I will ever forget all the fun I've had with the original series. I do not choose between the two, instead I enjoy both. Because I can find it within myself to do so, I cna make room for both and I will not become a hating fanboy who cannot accept changes.
All in all, in the end... it's just a game.